FG Triggers Green Investment Push to Fight Poverty, Boost Economy
By Patience Ikpeme
The Federal Government has promised to push for more eco-friendly businesses and green funding across the country to create jobs, lift millions of Nigerians out of poverty, and expand the economy.
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, made this known at a major meeting on how to use financial guarantees to bring more money into Nigeria. The event was put together by the Ministry of Solid Minerals Development in Abuja.
A financial guarantee works like a safety cover for investors. If a project runs into trouble, this backup protects the investor’s money, making it much easier for banks and global organizations to fund massive projects in Nigeria.
Senator Bagudu said these financial safety nets are crucial because they help pull money into vital sectors that usually find it hard to get standard bank loans. He noted that this method has succeeded worldwide by attracting private cash and opening up new business gates.
The minister pointed to the World Bank’s special agency as a great example of how protecting investors from risks can build massive business confidence. He added that Nigeria is already doing something similar by setting up the National Credit Guarantee Agency to help local businesses get loans smoothly.
“We are pleased to have this opportunity to deepen our understanding of the work of the Green Guarantee Group and, more importantly, explore how Nigeria can partner more effectively to maximise the benefits of guarantee mechanisms in ways that support economic expansion while advancing green and sustainable development priorities,” the minister said.
Senator Bagudu stated that even though the current economic reforms by President Bola Tinubu’s government are making Nigeria more attractive to business, green sectors still need special help. These are businesses focused on protecting nature and fighting climate issues.
He explained that environmental troubles, like water scarcity and bad weather, are part of the major reasons for poverty and insecurity in Nigeria. These issues hit farming hard because investors are often scared of losing their money in projects like irrigation.
Using water scarcity as a clear example, Senator Bagudu said when communities cannot get cheap water for their farms, food production drops and poverty increases. He believes that with strong financial guarantees in place, investors will gladly put money into modern farming and water supply.
The minister then urged global organizations and international partners to think bigger and create better safety frameworks that can send massive funding to developing countries. He added that groups like the United Nations have the skills and trust needed to help Nigeria attract global wealth to areas that need it most.
However, Senator Bagudu said Nigeria cannot just fold its arms and wait. The country must go out, hunt for these opportunities, and work directly with groups like the Green Guarantee Group to build financial tools that fit Nigeria’s exact needs.
To make this fully successful, the minister said the government might adjust some policies and accounting rules so that businesses caring for the environment get better rewards and incentives.
He promised that the Ministry of Budget and Economic Planning will work closely with the Ministry of Finance, international partners, and state governors to ensure all 36 states and the Federal Capital Territory benefit from these green funds.
According to the minister, this discussion ties directly into the Federal Government’s big dream to build a one-trillion-dollar economy. He expressed full confidence that Nigeria has what it takes to use these eco-friendly funds to bring prosperity to all citizens.
Senator Bagudu described the meeting as a timely step, calling on all partners to join hands and use these new financial tools to transform the nation’s economy.
“We must continue to work together to build a more sustainable ecosystem that delivers lasting benefits for all Nigerians,” the minister said.
